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finlep [7]
4 years ago
7

The following materials standards have been established for a particular product: Standard quantity per unit of output 4.4 pound

s Standard price $ 13.20 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 4,800 pounds Actual cost of materials purchased $ 62,880 Actual materials used in production 4,800 pounds Actual output 700 units The direct materials purchases variance is computed when the materials are purchased. What is the materials price variance for the month
Business
1 answer:
Olin [163]4 years ago
5 0

Answer:

Variance          $480  favorable

Explanation:

A material price variance occurs where materials are purchased at a price either lower or higher than the standard price. A favorable variance is recorded where the actual total cost of materials is lower that the standard cost. While an adverse variance implies the opposite.

Standard material cost of 2                                            $

4,800 pounds should have cost (4800 ×$13.20 ) = 63,360

but did cost (actual cost)                                         <u>62,800 </u>

Variance                                                                     <u>480  favorable</u>

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Harris Company had checks outstanding totaling $4,948 on its May bank reconciliation. In June, Harris Company issued checks tota
Elis [28]

Answer:

$20,665

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items. These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

To reconcile the two balance moving from the bank statement balance to the cash account balance;

The amount of outstanding checks on Harris Company's June bank reconciliation is the net to amount of checks cleared and the total of checks written. This amount

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The Company's customers of $348 was also returned marked "NSF is a part of the outstanding checks.

7 0
3 years ago
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balu736 [363]

Answer: current liability

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4 years ago
A company using the FIFO method had beginning work in process inventory of 10,000 units and completed 75,000 units. They also ha
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Answer:

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Explanation:

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8 0
3 years ago
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A. True

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D. True

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On a holistic note, a brand can control only a certain aspect of its meaning. the other aspect is left to individualism and culture.

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